Quarters on Republic
Quarters are a universal gaming currency
Anyone who knows me also knows that I feel very strongly that when you invest in a company, startup or public company, you should be able to explain in one sentence exactly why.
So many of us as we get older like to act smart so we want our investment thesis’ to sound more sophisticated and what we do is add more complexity into things we should keep simple.
Our latest company is a testament to keeping it simple. Quarters is brilliant because it was invented by 12 year old George Weiksner who simply saw a problem with online gaming and he saw the perfect application of blockchain to solve it.
Forget all the wacky ideas out there coming from older people trying to sound smart with blockchain technology. George is a good investment because he knows exactly the problem he is solving with his company.
When you hear his explanation of the business you will know exactly what I mean. He and the Quarters team are a great investment because their solution makes so much sense.
You should also envy him for all that he has accomplished. He has surrounded himself with some incredible talent and investors worth taking a deep look at. Quarters is going to be a winner.
Check out our discussion with George and his CTO, Mike Weiksner (aka Dad) below.
George, at just 12 years old, how did you come up with the idea for Quarters and since founding it what has your experience been like as Founder & CEO?
I was coming home from school one day and my dad was explaining to me the new big thing cryptocurrency. At the time, I was frustrated whenever I quit a game because that meant I lost all of my coins, hard-work, time, and effort.
With Quarters, you will be able to use one coin, Quarters in all your games. I enjoy being a founder because that has given me the opportunity to solve a problem I have. Wasted Coins.
What are the main benefits of utilizing a Quarters wallet built on blockchain technology rather than traditional in game tokens?
You need to have transparency, security and trust in order to have one token that works across games and platforms. Cheaters can be exposed, and royalties for investors and earnings for developers can be disbursed automatically through our smart contracts. The blockchain is a game changer.
How will Quarters drive adoption by major gaming companies who already have their own tokens?
I am excited about our casual esports tournaments. Players can choose what level of competition that is right for them, by entering different levels of Quarters. If you regularly win, you can move up to a higher level and perhaps even compete with your favorite streamer!
You put out a v1 of Quarters and are now working on v2. What did you learn from customers and what new features are you developing to improve the product?
Apple asked us for a “guest mode”, which means a way to buy Quarters without registering so we created that, too. Now you’ll be able to buy Quarters in the Apple App Store, too!
What does the plan for the next 12 to 18 months look like and when will you be fully commercialized?
We will launch a closed beta in January 2019. We plan to test the platform for six months, and then launch to the public in the summer of 2019. We plan to give early access to our investors on Republic.co.
Mike: Our plans are contingent on feedback by regulators. We have hired the premier blockchain law firm, DLX, to represent us, and we have used traditional fundraising exemptions (Regulation D and Regulation CF). We have approached the SEC, and expect that Quarters will be the first compliant utility token in the United States.
How do you monetize Quarters and how much do players already spend on in-game purchases?
Players will spend $138B on games in 2018. In games, players buy skins, other items, and upgrades and earn rewards. We monetize by selling Quarters.
15% of the sale of Quarters goes to investors as royalties, shared equally depending on how many Q2 tokens you have. The other 85% is distributed to game developers in exchange for the Quarters that they collect from players.
Can you tell us a bit about your earliest investors and how they are helping you to get the business going?
One of earliest investors Michelle Phan, was a huge media star who decided to switch over too investing. She is helping us with our plan for influencers.
She reached out to us on telegram anonymously and we met up with her in California. It was a unique experience. I didn’t even realize who she was till halfway through the meeting!
How have you found raising capital from the crowd to be on Republic and what will this capital be used to do?
Republic is great! Filming our episode of Meet the Drapers is perhaps my favorite experience building Quarters. We will use the capital we raise to acquire players and games, and to continue developing our technology platform.
As a young CEO what has been the largest challenge you have faced in getting the business going?
Being a kid has been a double edged sword, sometimes people don’t invest because they don’t believe in a twelve year old. Or because they think our company is just “cute” without hearing what we are all about.
On the other hand it is useful, giving us a lot of media attention and investors that invest because they believe that kids are the future.
I love the Quarters story and think the world of George. But in fairness to him, forget about the cool story. Fundamentally, this is a great business, one that solves a real need with an application of blockchain that actually makes sense.
By keeping it simple, he and the team are making waves in the gaming industry and you can be sure this startup will make its way through our deal diligence funnel. Stay tuned for deeper coverage.
About: Chris Lustrino
A Boston College Eagle for life, on a mission to democratize startup investing for all people at KingsCrowd, with a passion for Fintech, investing, social impact, doing well and doing good, and an avid runner, cyclist and writer.